It’s been a long and unpredictable year, but you’ve made it to the final stretch of 2020. Now it’s time to celebrate. No, we’re not talking about New Years’, we’re talking about your holiday bonus!
Here are 5 ways to spend your holiday bonus wisely:
Pay Off Your High-Interest Credit Cards
Always try to pay more than the minimum amount. And, if you have more than one credit card, a good strategy is to pay above the suggested minimum, except for the card with the highest interest rate. You’ll want to pay that card off first.
Build Up An Emergency Fund
If this year has taught us anything, it’s that life can be unpredictable. Planning ahead by setting up an emergency fund is an important strategy to prepare for unexpected situations (a medical emergency, sudden trip, down payment). BeniGro’s top investment advisors will be here to make up an emergency fund plan for your family!
Donate To A Charitable Organization
It’s the season of giving, and investing in worthy causes is rewarding when you select an organization doing work that has meaning to you. Given the impact of COVID-19, many non-profit organizations are working harder than ever to serve their communities. Your investments will go a long way in helping the causes and organizations you choose.
Pay Off Your Student Loans
Student loans can be one of the most challenging debts to pay off. Now is the perfect time to satisfy your loans. Since March, the US government has allowed student loan payments to pause at zero interest, and will likely remain in place through the end of January 2021. This is a great opportunity to retain your current payment amounts to pay more toward your principal.
Treat Yourself (Responsibly)
This year has been anything but easy. It’s important to reward yourself for all of the obstacles you’ve had to overcome- have some fun and splurge a little! Did you receive socks for the holidays when all you asked for were gym clothes or new equipment for your WFH set? Go ahead, treat yourself!
Receiving a holiday bonus is exciting, especially if it’s your first one. Remember to spend it wisely.